Price of Bitcoin and Ethereum holds the line amid wider market instability
The Bitcoin price continues to move horizontally, hovering around $19,000 and showing a slight bump of 1.5% growth in the last week.
Trade of the largest cryptocurrency by market cap has eased off somewhat following a busy week on the exchanges. Ethereum is stable at $1,291 this morning, showing a slight drop in price of 0.36% in the last seven days. Uniswap continues to post strong trading numbers, up 14.52% on the week and trading at $6.45.
Traditional equity markets are down today, as volatility continues to plague the global economy. Reports in the media are that Credit Suisse – the global banking giant – is the latest to fall prey as it allegedly faces liquidity issues.
Last week’s market turmoil in the UK led to record numbers of trading volumes between the British pound and Bitcoin. Will we see a similar trend in future as traditional markets continue to steer through some rough waters?
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $927,464 billion.
What Bitcoin did yesterday
We closed yesterday, October 2 2022, at a price of $19,044.11. The daily high yesterday was $19,370.31 and the daily low was $18,970.62.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $368.08 billion. To put it into context, the market cap of gold is $11.031 trillion and Tesla is $825.19 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.602 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 46.83%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.36. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.08. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“There is a high correlation to bitcoin volume growth and political/monetary instability.”
-James Butterfill, head of research at CoinShares
What they said yesterday
The crypto mullet thesis…
Cardano in action…
Never dead, just persevering...
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We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST
